Indian rupee slips to 95.87 amid oil, US Treasury yields
Business
The rupee just slipped for the sixth day in a row, now trading at 95.87 against the US dollar.
This steady drop is mostly thanks to rising global oil prices and strong US Treasury yields.
Basically, it's getting pricier for India to buy stuff from abroad.
India hikes gasoline and diesel ₹3/liter
Oil is getting expensive: Brent crude is hovering near $107 a barrel after jumping 6% this week, and supply worries aren't helping.
Other Asian currencies are also struggling, while the US dollar stays strong.
To cool off demand as prices rise worldwide, India just hiked gasoline and diesel by ₹3 per liter.